It seems overly complicated to me.

@Arron Paulino if you want to fix & flip remotely, it seems the most sense would be to try it in a market you already know - Memphis.The learning curve in other markets may COST you a lot of money!

Based off of your post, it seems like you haven't identified a property or even gotten an LOI accepted corrected?

Seems like rainwater should not be getting in the house to the extent where you have to consider changing flooring, I mean there are millions of house with tile floors around.....You could even add cheap area rugs (9x12s) and that would help.But yes, I would guess that if someone slips and can prove it, they will be coming after you....

Even with a property that seems "fine," stuff breaks down. 

My contractor had helped me support the sagging flooring in the middle and seemed to work well.

Seems like I saw some articles about this a year or two ago. 

Your cost estimate seems low to me.

We want to build wealth and the Real Estate sector seems to be the best way to do that.

It seems like if a flipper set up and remodeled BRRR deals they could avoid any market ups and downs (Flipper = Buy, Rehab).